Do your target customers consider your brand to be an authority in your niche? Do they see a particular product and associate it with your brand? To get answers to these questions, you need to track your share of voice on social media. This metric indicates how frequently your brand is mentioned in comparison to your competitors.

Tracking your SOV will not only show you if your social media strategy is working but will also help you stand out in a competitive environment. In this article, we will guide you on using SOV as a tool for strategic growth to increase your market share.

Benefits of Share of Voice

The share of voice offers numerous benefits, such as:

• Enhance your brand awareness among people.
• Determine if people talk or know about your brand or its products.
• Discover how frequently your brand appears in online searches across various channels. 
• Determine whether your audience is listening to or reading posts and announcements.
• Make your growth faster.
• Benchmark the position of your company against its competitors.
• Gain deeper insights into the type of content your audience needs.

Understanding your brand's share of voice will give you a clearer picture of where it fits. This can provide some context to the performance data, enabling you to identify areas for improvement and growth.

Share of Voice Vs. Share of Market

While the share of voice and share of market are distinct metrics, they are also interrelated. Both can provide valuable insights into your brand's market performance and presence. The SOV measures the level of brand awareness as compared to the competition. It reflects how much conversation your brand commands on social media.

SOV can help you track the brand awareness generated by your advertising and marketing efforts, compared to your competitors'. It includes mentions in earned, paid, or owned media. This metric can be measured by tracking the total impressions in each channel and dividing them by the total impressions across all channels. 

Market share is a metric that shows the total sales your brand makes in a given market as a percentage of the market's total sales. It lets you set and adjust your sales goals. You can track your share of the market by dividing your total business sales by total industry sales. 

While the SOV is a good indicator of your potential market, the SOM is a more accurate indicator of your actual revenue performance. A higher SOV leads to greater brand recognition, which can, in the future, increase your SOM. 

How eSOV Results in a Higher SOM

Excess Share of Voice (eSOV) is a digital marketing concept that illustrates how a brand's share of voice exceeds its market share. According to various studies, when an eSOV is over the SOM, it results in higher sales. If a brand's SOV exceeds its market share, it will grow. For the eSOV to be effective, it should be combined with a great content strategy. 

Differences Between SOV and SOM

To understand how to leverage SOV and SOM for your business growth, it is essential to understand the key differences between them.

Focus and Measurements

The key differences between these two metrics are in what they measure and how they are calculated. A recent market study revealed that a slight change in either metric can have a significant impact. The study showed that in the makeup industry, a 1% increase can result in a 0.325% increase in SOM. 

The share of voice usually tracks:

• Brand awareness and visibility.
• Focus on the potential market impact.
• Indicate opportunities for future growth.

The share of the market, on the other hand:

• Tracks sales and revenues.
• It is measured using market research and sales data.
• Focus on your market position.

Analysis and Implementation

There is also a difference in how the metrics are analyzed and implemented. The key differences in implementations are:

• SOV is tracked through social listening, media monitoring, and analysis of ad spend, while SOM is tracked through market research, competitor analysis, and sales data. 
• SOV is typically monitored at short intervals or in real-time, whereas SOM can be measured quarterly, semiannually, or annually. 
• SOV data is typically obtained from marketing tools and media monitoring platforms.

Impact on Your Business Strategies

The way you use SOV and SOM for your business strategy also differs. SOV can guide your marketing investment decisions while SOM influences your business strategy. When combined, both metrics can offer a clear picture of your market position. They are an excellent choice for identifying growth opportunities and any competitive gaps. 

Statistics on Relations Between SOV and SOM

The interrelation between SOV and SOM isn't just theoretical; data and solid research back it. When you understand the correlation between the two, you can make informed decisions about your marketing and overall growth strategy. Nielsen research found that a 10% Excess Share of Voice (eSOV) can drive 0.5% market growth.

Other statistics that show how SOV results in higher growth are:

• According to research, to grow your market share, you need an SOV about twice that of the market leader for at least 18 months.
• If there is a consistent investment in SOV, the results will be visible within 12 to 18 months.

Factors Affecting the Correlation Between SOV and SOM

When implementing the insights through the various digital marketing platforms, you need to consider multiple factors, such as:

• Market maturity. If you are in a mature market, you need a higher SOV to cause an impact. On the other hand, an emerging market results in a rapid conversion from SOV to SOM.
• Brand's position. If you are a market leader, you can see a different correlation pattern. eSOV often benefits challenger brands more. On the other hand, niche players can see their conversion rates increase. 
• Marketing mix. The correlation is also affected by the channel distortion. The quality of content impacts the conversion rate, while the effectiveness is affected by the level of integration triage.

In Conclusion

SOV and SOM are two closely related metrics, even though they differ. The entire SOV serves as a guide for your marketing investment decision, and the SOM influences your overall strategy. When both are combined, they can provide a clearer picture of your market position and help you identify any marketing gaps and opportunities for growth.